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Lufthansa Technik announces 2014 performance

Lufthansa Technik Group has that revenues in 2014 increased by €4.3 million, which led to the 22 consolidated Lufthansa Technik Group companies showing an operating result of €392 million.

"In spite of a good year for global aviation on the whole, price pressures on technical services providers have not let up. Against this backdrop, Lufthansa Technik has continued to develop well," commented chairman of the Board, August Wilhelm Henningsen (pictured) at his last annual results press conference. After 14 years at the helm of the company, Henningsen will turn over the leadership of Lufthansa Technik to his fellow Board member Dr Johannes Bussmann on 1 April.

"Through the continuation of our successful cost reductions and a positive order situation, we nearly reached last year's very good result. We have maintained our market position and remain the world's leader among independent providers of maintenance, repair and overhaul (MRO) services for aircraft," Henningsen declared.

Currently Lufthansa Technik looks after 800 customers and a total of 3,200 aircraft. In 2014, the Group was able to win 30 new customers and conclude 325 new contracts with a total value of €3.1 billion for 2014 and the years to come.

Investments in innovation, research and development were boosted strongly in 2014. Plans call for €200 million to be invested by the year 2018 – four times as high as during the previous five years.

Henningsen also emphasised the company's successful cost management. In its third year, Lufthansa's future programme SCORE resulted in €500 million in measures that were realisable in income, and the administrative streamlining and restructuring that concluded in 2014 also contributed significantly to the Group's result.

Incoming chairman Bussmann has been a member of the Executive Board since September 2012 with responsibility for human resources, engine & VIP services. He began his career at Lufthansa Technik in 1999 in product management and development. Before being appointed to the Executive Board, he was senior vice-president component services, and most recently, senior vice-president engine services.

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